IRS practice & procedure

TOPICS / TAX

October 3, 2024

IRS provides Helene relief; AICPA seeks BOI, FBAR filing extensions

The IRS said it was providing disaster relief for individuals and businesses in all or part of seven states. Also, the AICPA sent a letter to FinCEN seeking extensions for BOI and FBAR reports that match the relief that the IRS provides for other filings, both in terms of the extended due dates and geographic scope.

October 1, 2024

Lack of facts precludes equitable tolling of 30-day filing deadline

The Tax Court dismissed a taxpayer’s petition due to a missed filing deadline and lack of any facts that would entitle him to equitable tolling of the deadline.

September 26, 2024

ERC supplemental claim process opened for third-party payroll companies

The IRS announced that it will open a supplemental claim process to help third-party payers and their clients resolve incorrect claims for the employee retention credit. The deadline is Nov. 22.

September 23, 2024

IRS increases special per diem rate for business travel

The special per diem rates that a taxpayer uses in travel and business expenses will be higher starting Oct. 1, as provided by the IRS.

September 13, 2024

Proposed regs. would exclude tribal general welfare benefits from income

The first proposed regulations under Sec. 139E set out the requirements for excluding Indian tribal general welfare benefits from income.

September 6, 2024

IRS seeks comments on SECURE 2.0 saver’s match contributions

Treasury and the IRS issued a notice on saver’s match contributions to be paid by Treasury under provisions of SECURE 2.0.

September 1, 2024

Cryptoasset ‘staking’ challenge dismissed as moot after government’s concession

Sixth Circuit affirms district court’s holding that the taxpayer’s refusal to cash a refund check did not keep the controversy alive in his case.

September 1, 2024

Credit card reward liabilities may be eligible for recurring-item exception

The Office of Chief Counsel approves
accrual of liability, distinguishing the
situation in a CCA from that of Giant
Eagle, Inc.

September 1, 2024

Tax Court lacks jurisdiction because notice of deficiency was invalid

The court held that the notice was not sent
to the taxpayer’s last known address.

August 30, 2024

Fact sheet addresses taxability of crowdfunding distributions

The IRS said that crowdfunding distributions may be included in the gross income of the person receiving them, depending on the facts and circumstances of the distributions.

August 20, 2024

Employers now have interim guidance on student loans and retirement plans

The IRS provided guidance for sponsors of 401(k) and similar retirement plans that provide matching contributions based on eligible student loan payments made by participating employees.

August 19, 2024

AICPA joins coalition to fight intensifying tax scams, schemes

The Coalition Against Scam and Scheme Threats (CASST), convened at the request of IRS Commissioner Danny Werfel, will work toward having new protections in place by the 2025 filing season.

August 15, 2024

Businesses with dubious ERC claims have another chance with the IRS

The IRS said Thursday it will reopen its voluntary disclosure program to allow businesses to correct questionable claims for the pandemic-era employee retention credit.

August 13, 2024

IRS releases updated draft of Form 1099-DA for digital assets

The most recent draft of the form for reporting digital asset transactions reflects the final regulations for custodial broker reporting that the IRS released in June.

August 8, 2024

ERC disallowance letters go to 28K businesses, moratorium adjusted

The IRS moved the moratorium date forward into early 2024. Also, it announced sending disallowance letters to some businesses with invalid claims and plans for payments to others.

August 5, 2024

Tax practitioner complaint leads to review of advocate phone service

A tax practitioner complained about a six-week wait for a response to help a client with a financial hardship who was owed a refund, leading to the unflattering review by the Treasury Inspector General for Tax Administration.

August 1, 2024

Melancon: Supreme Court decisions are ‘big deal’ for tax pros

Barry Melancon, CPA, CGMA, AICPA & CIMA’s CEO, said the decisions will create uncertainty for a profession that craves certainty.

August 1, 2024

Third Circuit rules taxpayer’s claim is not moot

The IRS’s setoffs of tax prepayments were invalid, the appellate court holds, remanding the case to the Tax Court.

July 29, 2024

5 new warning signs of a bad claim for pandemic-era ERC

The IRS said the five signs are the result of what IRS compliance teams found while analyzing and processing claims for the employee retention credit (ERC). The Service plans to briefly reopen its voluntary disclosure program.

July 25, 2024

Funding spurs IRS improvements, but challenges remain, commissioner says

IRS provides fifth quarterly update on transformation efforts, with Commissioner Danny Werfel saying the agency is making “substantial progress.”

FROM THIS MONTH'S ISSUE

4 ways solo practitioners can stand out

Five years ago, a grieving Angel Zhen started his own CPA firm with no clients and no revenue. Today, he has 300 clients, $600,000 in revenue and 12 weeks of annual vacation. In this JofA article, he shares how he set up his firm and how you could do the same.